Tax Planning & Compliance
2018
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12.04
Year-End Personal Financial Planning Considerations
The end of the year presents a unique opportunity to look at your overall personal financial situation. With factors like tax reform, life changes or just working towards your goals, now is an especially important time to review things. Taking what we now know about the new tax law and weaving together all of the other areas of your personal finances is one of the key ways AAFCPAs Tax and... continue reading
2018
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10.30
2018 Year-End Tax Planning for Privately-Held Companies (Part 2) Webinar OnDemand
In 2018, tax planning is more complicated than usual. Most provisions of the massive Tax Cuts and Jobs Act (TCJA) go into effect this year, and as a result you likely will need to change at least some of your tax planning strategies. In this Webinar, recorded live on October 23rd, 2018, AAFCPAs Richard Weiner, CPA, MST, Julie Chevalier, CPA, David Gravel, CPA, and David Consigli, Jr., CPA, ABV, CPVA, CDFA, provide business owners, executives,... continue reading
2018
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10.23
AAFCPAs Releases 2018-2019 Tax Planning Guide for Businesses & Individuals
Although you cannot avoid taxes, you can take steps to minimize them. This requires proactive tax planning, including estimating your tax liability, looking for ways to reduce it, and taking timely action. In 2018, tax planning is more complicated than usual. Most provisions of the massive Tax Cuts and Jobs Act (TCJA) go into effect this year, and as a result we may need to change some of your tax... continue reading
2018
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09.19
AAFCPAs’ Richard Weiner and Daniel Cahill to Co-Present Tax Act Briefing: Choice of Entity After the TCJA
AAFCPAs’ Tax Partner Richard Weiner, CPA, MST, Tax Manager Daniel Cahill, CPA, and Joseph B. Darby III, a Partner in Sullivan & Worcester’s Boston office, will present an educational briefing on September 26th from 4:00pm-5:45pm on the topic of Choice of Entity After the 2017 Tax Act: The Popular Passion for Pass-Through Entities May Be Kaput. The Tax Act introduced major changes to the U.S. federal income taxation of business... continue reading
2018
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08.02
Tax Cuts and Jobs Act: Opportunity Funds Target a New Pool of Investors to Affordable Housing Projects
AAFCPAs would like to make clients aware that The Tax Cuts and Job Act (TCJA) created a new investment vehicle known as “Opportunity Funds,” which could potentially target a new pool of investors to affordable housing projects. To benefit from this newly developed program, the project must be in a Qualified Opportunity Zone approved by the U.S. Department of Treasury, which reside primarily in economically distressed areas. Opportunity Funds will... continue reading
2018
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07.26
Charitable Planning After the TCJA Tax Law Changes
It can be argued that the most sweeping changes to the tax code in the past 30 years occurred last December, with the passing of the Tax Cuts & Jobs Act (TCJA). AAFCPAs Wealth Management urges clients to carefully consider charitable planning now. Charitable giving, in some instances, may not provide the same tax benefit as it once did. We would like to highlight planning techniques to consider in response... continue reading
2017
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12.21
AAFCPAs’ Tax Practice Recommends Individual Tax Planning Considerations with Respect to the Tax Cuts and Jobs Act
On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) (the “TCJA”). The final legislation is lengthy and complex, and the AAFCPAs tax practice recommends the following individual tax planning considerations. As mentioned in a previous blog, the law specifically disallows the strategy of prepaying 2018 state income taxes before December 31, 2017. Prepayment of some property taxes may be advisable for taxpayers not... continue reading
2017
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12.19
AAFCPAs Advises Clients on Year End Tax Savings Strategies in Response to Tax Bill Conference Report
On Friday, December 15, Congress released the contents of the Conference Report to the Tax Cuts and Jobs Act. The bill requires a final vote this week in both the House and Senate, at which point it will be sent to the White House for the President’s signature. The stated goal is to have the bill signed prior to Christmas. One area that has generated much discussion is the $10,000... continue reading
2017
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11.07
AAFCPAs Highlights Provisions in Proposed Tax Legislation and Planning Opportunities for Businesses & Individuals
The US House of Representatives’ tax writing committee has released its first draft of proposed tax legislation. Many of its provisions have been the subject of news articles and debate. Highlights include the following: Limitation of the mortgage interest deduction to $500,000 of new debt Capping the deduction for property taxes to $10,000 Eliminating the deduction for state income taxes Doubling of the standard deduction to $24,000 for joint filers... continue reading
2017
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10.26
Cautionary Tales: When year-round communication is left out of tax planning
The pace of change in business is rapid, and as you know, executive leadership must be poised to quickly respond to challenges and seize opportunities as they arise. Often, decisions made throughout the year in response to challenges and opportunities have tax implications. In some cases, the tax benefits of these decisions have windows of opportunity that can close if held and only addressed at year-end. In other cases, tax... continue reading